FR 6712 then IB 1401 at Madrid
Budapest → Madrid → Valencia
Timetable, Madrid time
12:55FR 6712 from Budapest at the gate
11:30IB 1401 to Valencia leaves the gate
22 h 35 apart on the timetable, overnight
IB 1401 leaves 22 h 35 after FR 6712 arrives on the timetable: more than half a day, so not a connection we count.